Richard Wesselt, The Life Insurance General Talks About Creating A Legacy On A Safe Secure Basis
Many times in the office we try to help clients with the following conundrum; most of their assets are invested, unfortunately their life insurance program expires. This can happen either through inexpensive term insurance (which gets extremely costly in later years), or because they had their term insurance through an employer, and when they retire, their life insurance goes away.
Unfortunately their legacy plan would look something like this: their heirs, kids and grandkids, or favorite charities, would only get whatever the client doesn’t spend. That leaves the client second guessing how much they should spend and how much they should enjoy. Should they take a trip of a lifetime? Should they do a home improvement ? Should they buy a second home?
Richard Wesselt says It’s a lot of guesswork, but here’s what makes it much easier; if we were to acquire a whole life insurance policy that’s permanent in nature, it will last the whole time that the client is alive and pay a tax free distribution. This then allows the client to enjoy their existing assets freely and securely, knowing that their ultimate legacy, their last love letter to their children and grandchildren is provided by their permanent death benefit that would transfer on a tax free basis.
Wouldn’t it feel great to leave money behind to your favorite charity or the people you love, with that legacy making no impact on your lifestyle whatsoever? We have found clients feel so good about that decision that they are able to walk through their retirement years freely, feeling very comfortable with their lifestyle decisions.